UBank Term Deposit Account

UBank Term Deposit Account

Min. Opening Deposit

1,000

Account Keeping Fee

0.00

A great fixed rate term deposit to give your savings a boost.

  • Competitive interest rate 1.70% p.a. for 6 months
  • Invest from $1,000 to $2 million
  • Receive a loyalty bonus for reinvesting
  • Selected term lengths are UBank's Green Term Deposits, helping fund renewable energy projects

Product details

The UBank term deposit doesn't charge any unnecessary fees; there's no setup fees or account fees to worry about. If you decide to reinvest your term deposit when it reaches maturity, you will receive a 0.10% bonus rate on top of the standard interest rate through UBank's loyalty bonus.

The 7 month term offered in the table below are UBank's Green Term Deposits. When you select one of these terms, your deposit will be matched with a range renewable energy projects.

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The rates offered on the UBank Term deposit are among the most competitive in the market. Plus, by selecting one of the Green Term Deposits you'll know that your money is being used to support green projects like solar and wind energy.

Product Name
UBank Term Deposit Account
1 month interest rate
1.05%
3 month interest rate
1.70%
4 month interest rate
1.70%
6 month interest rate
1.70%
7 month interest rate
1.60%
9 month interest rate
1.65%
12 month interest rate
1.60%
Min Deposit
$1,000
Minimum Age Requirement
18

What are the features of the UBank Term Deposit Account?

While just about all Australian financial institutions offer their customers fixed rate term deposit accounts for their savings, you will notice differences in the features. Look at those that UBank is providing against what you get from other banks before making a choice in a term deposit account:

$0 Account keeping fees

You are not charged any monthly account keeping fees on your UBank Term Deposit account.

Small minimum investment of $1,000

You must be able to deposit at least $1,000 to start your term deposit.

Competitive, fixed interest rates offered

The interest rates applied to your balance are fixed over the length of the term. This means you can have peace of mind knowing the interest rate offered won't change until your term reaches maturity.

You're rewarded for your loyalty

If you roll over the entirety of your term deposit balance or more into a new term when it matures, you will receive a loyalty interest bonus of 0.10% per annum (p.a.) on top of the standard rate.

How is my interest calculated and paid?

Interest is calculated on your balance on a daily basis. For terms of less than one year, the interest will be paid to you at maturity. If you choose a one year term, you can opt for monthly payments or one payment at maturity.

Can be linked to any Australian everyday account

Called your “chosen bank account” by UBank, your linked account must be held by an Australian financial institution and be in the exact same name as the UBank Term Deposit. This account will be used to transfer funds and accept interest payments if you choose the monthly payment option.

Joint term deposit available

You are permitted to have a joint account holder for your term deposit.

Terms from 1 to 12 months

You can choose from a range of term lengths from one month to a full year. Currently there aren't any term lengths over one year.

Backed by the Government Guarantee

UBank not only is a part of the Government Financial Claims Scheme, which guarantees deposits of up to $250,000, they are backed by NAB. This does mean that the funds counted towards the Financial Claims Scheme include the total you have in NAB accounts as well as with UBank.

Rules around withdrawing term deposit early

If you need to make an early withdrawal of your funds, you must let UBank know no less than 31 days prior. Interest will be adjusted by an amount that is deemed reasonable by UBank to cover its cost in maintaining your account. The amount requested to be withdrawn must be in increments of $500, and if a partial withdrawal results in a balance of less than $1,000 the account will be closed and all money transferred into your linked bank account.

Reinvestment options

You are permitted to provide UBank with maturity instructions at any point during your terms, but if they are not received within two days of the maturity date, the funds will be rolled into a new account with the same terms and prevailing interest rate at that time. You then have seven days to make any necessary changes to your new term deposit.

Available for personal use and SMSFs

This account is meant for personal purpose only or for a trustee of a SMSF.

Launch term deposit calculator

Pros

  • Low minimum investment of $1,000
  • $0 Account keeping fees
  • Wide ranges of terms from 1 month to 1 year
  • Receive a loyalty bonus for reinvesting
  • Green Term Deposit term lengths available

Cons

  • 31 days advance notice required in case of withdrawing funds before maturity

How do I apply for the UBank Term Deposit Account?

If you appreciate the benefits of the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

Eligibility to apply online

Before beginning, ensure that you are able to meet their eligibility requirements:

  • Minimum age. Applicants must be at least 18 years old.
  • Residency requirements. You must be an Australian resident for tax purposes living at an Australian residential address.
  • Depository requirements. A minimum of $1,000 is required to open a UBank Term Deposit Account.

Documentation to apply online

UBank also recommends having the following documentation readily available to assist in filling out the application:

  • Tax file number. Providing your tax file number (TFN) will help in ensuring that your interest earnings are taxed at the correct rate.
  • Identification. Your driver’s licence number if available will help to prove your identity. You can also use your passport or Medicare card.
  • Chosen bank account. The details of a separate Australian banking account in the same name for you to be able to transfer your deposit as well as receive any interest payments.

What happens after I submit the application?

Once you have submitted your application online, UBank will contact you via email with the details of your new term deposit so that you may initiate your first deposit.

What are the current UBank term deposit interest rates?

  • 1 Month Term Deposit Earns 1.05% p.a.
  • 3 Month Term Deposit Earns 1.70% p.a.
  • 4 Month Term Deposit Earns 1.70% p.a.
  • 6 Month Term Deposit Earns 1.70% p.a.
  • 9 Month Term Deposit Earns 1.65% p.a.
  • 12 Month Term Deposit Earns 1.60% p.a.

Customers who roll their term deposit over at the end of the term will be rewarded with a loyalty bonus of 0.10% p.a.

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38 Responses

  1. Default Gravatar
    GregOctober 2, 2019

    Hi, am I able to deposit regularly into the term deposit during the fixed term?

    • Avatarfinder Customer Care
      CharisseOctober 2, 2019Staff

      Hi Greg,

      Thanks for reaching out to Finder.

      No, you cannot make regular deposits to a UBank Term Deposit account. Your deposit must be made within the funding window which is seven (7) calendar days from date of account opening or after Ubank receives your application.

      Please note that if the bank will not receive the minimum balance within the funding window, they may close your account.

      I hope this helps.

      Cheers,
      Charisse

  2. Default Gravatar
    GarySeptember 9, 2019

    I hope your banking is better than your phone service???? I have been on the phone trying to speak to an opertor for over 37 minutes and I am still on hold!!! Not a good way to inspire confidence in your business…

    • Avatarfinder Customer Care
      NikkiSeptember 11, 2019Staff

      Hi Gary,

      Thanks for your message. Sorry to hear that you have been on hold for a long time. While we review UBank in our pages, it’s helpful to know that we neither work with them or answer for their company. It would be best to contact the customer service support of UBank directly for further assistance.

      Hope this clarifies and we hope they find a quick resolution for you!

      With care,
      Nikki

  3. Default Gravatar
    geoffJune 5, 2019

    can I open a u bank term deposit account at a nab bank branch

    • Avatarfinder Customer Care
      BellaJune 7, 2019Staff

      Hi Geoff,

      Thanks for your inquiry.

      Unfortunately, you can’t open a Ubank term deposit account at NAB bank branch. To apply for the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

      I hope this helps.

      Kind regards,
      Bella

  4. Default Gravatar
    RossFebruary 27, 2019

    Can self-manged super funds open this account?

    • Avatarfinder Customer Care
      JeniMarch 1, 2019Staff

      Hi Ross,

      Thank you for getting in touch with Finder.

      No. However you may check out this page for UBank Term Deposit SMSF.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  5. Default Gravatar
    AnnieFebruary 12, 2019

    Could you please advise what the interest rate and the interest amount paid at the end of a 6 month term with $120,000k deposit

    • Avatarfinder Customer Care
      JohnFebruary 13, 2019Staff

      Hi Annie,

      Thank you for reaching out to finder.

      The interest rate for a 6 month term deposit with UBank is 2.75%. The rough estimate on the interest earned is $1659.48 for compounded monthly and 1661.33 if compounded daily. You may also visit our term deposit calculator by visiting this page and entering the details you want to check the results on. Of course, since these are just estimates it would be best to reach out to UBank to learn more on how much interest would be paid out at the end of the 6 months. Hope this helps!

      Cheers,
      Reggie

  6. Default Gravatar
    GaryJanuary 13, 2019

    With Ubank term deposits, is the interest calculated daily and applied monthly or only at end of term?

    • Avatarfinder Customer Care
      JohnJanuary 14, 2019Staff

      Hi Gary,

      Thank you for reaching out to finder.

      Interest is calculated on your balance on a daily basis. For terms of less than one year, the interest will be paid to you at maturity. If you choose a one year term, you can opt for monthly payments or one payment at maturity. Hope this helps!

      Cheers,
      Reggie

  7. Default Gravatar
    PeterMay 18, 2018

    Is the interest is simple or compound?

    • Avatarfinder Customer Care
      JhezMay 19, 2018Staff

      Hello Peter,

      Thank you for your comment.

      Banks such as UBank can get you compound interest in your savings. To get the most benefit of compound interest, just deposit as much as you can into your account and restrict the number of withdrawals you make. The more money that is in your account at the end of the month, the more interest you will earn, and the more interest you earn means you will earn even more interest the following month. Even if you can’t deposit any extra money into your account, your balance will continue to grow as your interest compounds each month.

      Please refer to our guide that explains how compound interest works.

      Regards,
      Jhezelyn

  8. Default Gravatar
    aelianMay 15, 2018

    If i want to open a Term Deposit in joint names with my wife, do we have to go into a branch? If yes, do I have to make an appointment or can we just walk in and set a TD up?

    • Avatarfinder Customer Care
      JhezMay 15, 2018Staff

      Hello Aelian,

      Thank you for your comment.

      You can actually apply online through Ubank’s website or walk in to their branch without making an appointment. You are required to fill out a form for application.

      Regards,
      Jhezelyn

  9. Default Gravatar
    joniMarch 7, 2018

    I want to open 2 uBank term deposit accounts for my son and daughter – they are under 18 which the details say age requirement is 18. Can I still open accounts in their names as their parent / guardian or does it have to be in my name?

    • Default Gravatar
      JoelMarch 8, 2018

      Hi Joni,

      Thanks for leaving a question on finder.

      Unfortunately, UBank Term Deposit Account requires that applicants must be at least 18 years old. You may want to check out Bank Australia Term Deposit as it does not require a minimum age to apply.

      Alternatively, you can check this page for other savings options for kids.

      Cheers,
      Joel

  10. Default Gravatar
    normOctober 6, 2017

    How do i open a term deposit account with U Bank
    I am an existing NAB customer

    • Default Gravatar
      GruOctober 6, 2017

      Hello Norm,

      Thank you for your question.

      To apply for the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

      Eligibility to apply online

      Before beginning, ensure that you are able to meet their eligibility requirements:

      * Minimum age. Applicants must be at least 18 years old.
      * Residency requirements. You must be an Australian resident for tax purposes living at an Australian residential address.
      * Depository requirements. A minimum of $1,000 is required to open a UBank Term Deposit Account.
      * Documentation to apply online

      UBank also recommends having the following documentation readily available to assist in filling out the application:
      * Tax file number. Providing your tax file number (TFN) will help in ensuring that your interest earnings are taxed at the correct rate.
      * Identification. Your driver’s licence number if available will help to prove your identity. You can also use your passport or Medicare card.
      * Chosen bank account. The details of a separate Australian banking account in the same name for you to be able to transfer your deposit as well as receive any interest payments.

      Once you have submitted your application online, UBank will contact you via email with the details of your new term deposit so that you may initiate your first deposit.

      Hope this helped.

      Cheers,
      Gru

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